Thank you, Mr. Chairman. Mr. Chairman, the Standing Committee on Accountability and Oversight reviewed Bill 9, An Act to Amend the Northwest Territories Power Corporation Act, at its meeting on September 26, 2000. The committee would like to thank the Minister responsible for the Northwest Territories Power Corporation and senior officials of the corporation for presenting the bill.
Bill 9 amends the Northwest Territories Power Corporation Act to provide the corporation with the same type of investment powers that other public agencies have under the Financial Administration Act. The amendments repeal sections 32 and 33, which deal with the categories of investment of money that the corporation may make, and the provision that allowed for investment and security in corporations to carry on the business of generating, transmitting and providing energy.
Bill 9 replaces this section with a new subsection which expands the types of investments that may be made by the corporation. The expansion of investment powers provides that in addition to those investments which may be made pursuant to the Financial Administration Act, the corporation may invest in such other securities and investments that it considers prudent.
During the committee's review of the bill, Members indicated to the Minister that they were concerned the amendment to the Act could not become effective until regulations to the Financial Administration Act were developed. Further, the committee advised the Minister that they were reluctant to support the bill unless the government confirmed that the regulations to the Financial Administration Act would soon be implemented.
The committee is pleased to report to the House that they have received confirmation from the Minister that he has received the assurance from the Minister responsible for Finance that these regulations will be brought before the Financial Management Board for final approval during the month of November 2000.
Mr. Chairman, committee members may have additional comments or questions on this bill during the review of committee of the whole. Thank you.